REG-BlackRock Smaller Companies Trust Plc: Portfolio Update

Blackrock Smaller Companies TrustAnnouncement

02/03/2026 17:30

The information contained in this release was correct as at                   
              31 January 2026                               .                
     Information on the Company’s up to date net asset values can be found
on the London Stock Exchange Website at

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
                              .

 

 

BLACKROCK SMALLER COMPANIES TRUST PLC (LEI:549300MS535KC2WH4082)              
                
           

All information is at                                  31 January 2026        
                       and unaudited.          
                     Performance at month end is calculated on a Total Return
basis based on NAV per share with debt at fair value                    
           

                  One month    Three months    One       Three      Five       
                   %            %               year      years      years     
                                                %         %          %         
 Net asset value  6.2          5.0             6.2       6.1        3.8        
 Share price      4.7          4.7             4.1       8.2        -4.1       
 Benchmark*       4.9          6.2             16.1      21.0       18.3       

 

Sources:                      BlackRock and Deutsche Numis

*With effect from 15 January 2024 the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index changed to the Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies).

 

 

At month end

 Net asset value Capital only (debt at par value):      1,484.82p   
 Net asset value Capital only (debt at fair value):     1,550.76p   
 Net asset value incl. Income (debt at par value) 1 :   1,514.30p   
 Net asset value incl. Income (debt at fair value) 1 :  1,580.24p   
 Share price:                                           1,372.00p   
 Discount to Cum Income NAV (debt at par value):        9.4%        
 Discount to Cum Income NAV (debt at fair value):       13.2%       
 Net yield 2 :                                          3.2%        
 Gross assets 3 :                                       £672.5m     
 Gearing range as a % of net assets:                    0-15%       
 Net gearing including income (debt at par):            4.9%        
 Ongoing charges ratio (actual) 4 :                     0.8%        
 Ordinary shares in issue 5 :                           39,812,792  
                                                                    

 
1.                        Includes net revenue of 29.48p                     
2.                        Yield calculations are based on dividends announced
in the last 12 months as at the date of release of this announcement and
comprise the Final dividend of 28.50 pence per share (announced on 07 May
2025, ex-date on 15 May 2025, and paid on 26 June 2025) and Interim dividend
of 16.00 pence per share (announced on 24 October 2025, ex-date on 06 November
2025, and pay date 10 December 2025).                     
3.                        Includes current year revenue.                     
4.                        The Company’s ongoing charges are calculated as a
percentage of average daily net assets and using the management fee and all
other operating expenses excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation and certain non-recurring
items for year ended 28 February 2025.                      
5.                        Excludes 10,180,731 ordinary shares held in
treasury.
 

                         
 Sector Weightings       % of portfolio  
 Industrials             31.1            
 Financials              25.3            
 Consumer Discretionary  11.0            
 Basic Materials         8.3             
 Consumer Staples        7.7             
 Real Estate             5.7             
 Health Care             4.3             
 Communication Services  2.5             
 Technology              2.3             
 Energy                  1.6             
 Utilities               0.2             
                         -----           
 Total                   100.0           
                         =====           
                                         
                                         
 Country Weightings      % of portfolio  
 United Kingdom          97.2            
 United States           2.8             
                         -----           
 Total                   100.0           
                         =====           
                                         
                                           

 

 Ten Largest Equity Investments    % of portfolio  
   Company                                         
 Great Portland Estates            3.2             
 XPS Pensions                      3.0             
 IntegraFin                        2.8             
 Serco Group                       2.8             
 Boku                              2.8             
 Morgan Sindall                    2.7             
 Tatton Asset Management           2.7             
 Greencore Group Plc               2.6             
 Sigmaroc Plc                      2.1             
 Helios Towers Plc                 2.0             
                                                   
                                                   

Commenting on the markets, Roland Arnold, representing the Investment Manager
noted:                    
          
          During January the Company’s NAV per share rose by 6.2% to
1,580.24p on a total return basis, outperforming our benchmark index, the
Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies)
Index, which returned 4.9%.

 

January was a positive month for equities, with a broadening of performance
drivers and cyclical sectors outperforming, as firming economic growth led to
improving risk appetite. In the UK, inflation surprised to the upside,
printing at 3.37% year-on-year, alongside November GDP (Gross Domestic
Product) data exceeding expectations on a sequential basis. This was partially
offset by a slightly more dovish labour market report. Geopolitical tensions
continued to drive volatility in markets. US actions in Venezuela, alongside
potential tensions with Iran, underpinned oil price strength, while heightened
uncertainty propelled precious metals to record levels. In this risk on
environment, UK small and mid-caps outperformed the FTSE 100 Index.

 

Our largest holding, Great Portland, rose after the company reported strong
leasing update in January. Demand for their premium London office space
remains strong, with lettings 9% ahead of ERV (Estimated Rental Value),
however despite solid trading and an increasingly attractive portfolio of
assets, the shares continue to trade at around a 30% discount to NAV.
Greencore added to performance as the company delivered a positive Q1 trading
update, with revenue growing ahead of expectations, supported by volume growth
ahead of the wider grocery market. The company launched 129 new products
including high-protein and fibre options and the integration of recently
acquired Bakkavor is underway. Shares in CDMO (Contract Development and
Manufacturing Organization) business, Oxford Biomedica, rallied following a
bid from Swedish private equity group, EQT.

 

Craneware declined over the month. While the company reported trading numbers
in line with market expectations, this was insufficient to shift the
prevailing negative sentiment towards software companies perceived as AI
Losers, which continued to weigh on the share price. Pollen Street, the
specialist alternative asset manager, also drifted lower during the month
despite no specific newsflow. Other notable detractors were mainly shares that
we do not own in smaller companies, for example Goodwin, that rose with the
broader market.

 

It is very easy to be negative. The geo-political situation is volatile, the
economic outlook is unstable, there are significant structural and
technological trends upending industries, Western governments are weighed down
by debt at the same time the requirements for defence, welfare and health
continue to rise. From a UK perspective the budget has increased pressure on
businesses and injected further inflationary pressures into the economy, in
turn making it harder for the Bank of England to reduce rates. This
uncertainty has resulted in significant outflows across UK equities, which
have been particularly damaging to SMID companies. Whilst history does not
necessarily repeat, it can provide a guide. Smaller companies have seen much
of this before, the Global Financial Crisis, Brexit, Covid, and many of them
came through these difficult times better positioned. The level of M&A
(Mergers & Acquisitions) in the UK tells us others perceive value in the asset
class, all we need now is to encourage equity investors to sense the same
opportunity.

 

We thank shareholders for your ongoing support.

 

2 March 2026

 

ENDS          
           

Latest information is available by typing www.blackrock.com/uk/brsc on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3
(ICV terminal).                      Neither the contents of the Manager’s
website nor the contents of any website accessible from hyperlinks on the
Manager’s website (or any other website) is incorporated into, or forms part
of, this announcement.

 Release  (https://mb.cision.com/Main/22402/4315547/3960556.pdf)  



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